J.P. Morgan's Earnings Were So Terrible They Dragged Down The Entire S&P's Growth Rate

During the past week, the blended earnings growth rate for the
S&P 500 declined by 2.0 percentage points (from 2.8% on
October 4 to 0.8% today), and the growth rate for the
Financials sector fell by more than 12 percentage points (from
8.9% on October 4 to -3.5% today. JPMorgan Chase is the largest
contributor to the decline in both earnings growth rates this
past week, as the company reported actual EPS of -$0.17
(including a legal expense of $1.85) for the third quarter,
compared to the mean EPS estimate of $1.19. If this company is
excluded, the earnings growth rate for the S&P 500 would
improve to 3.3%, and the earnings growth rate for the
Financials sector would improve to 12.4%.